The global Carbon Fiber Market has enough market provision that can make the market achieve a CAGR of 10.6% and can attain a valuation of USD 7.8 billion between 2018 and 2023., which has been considered by Market Research Future (MRFR) as the forecast period for a better analytical understanding of the market.
The global market for carbon fiber is banking on new carbon fiber technology that can bring in innovations. Carbon fiber can be termed as a polymer that is known as graphite fiber. It is light in weight and is strong-stronger than steel. Its ability to exhibit high tensile strength, resistance to chemicals, low thermal expansion, and heat-resistance ability can promote the demand for the market. These factors can ensure carbon fiber future in several end user industries. The carbon fiber as raw material is expected to find growth with the automobile and aerospace industries among many. Its proliferation into sporting industries and the production of wind turbines can also ensure better growth.
Teijin Limited (Japan), Toray Industries, Inc (Japan), Hexcel Corporation (US), SGL Group (Germany), HYOSUNG (South Korea), Mitsubishi Chemical Corporation (Japan), DowAksa (US), Cytec Industries Inc. (US), Taekwang Industrial Co., Ltd (South Korea), Carbon Mods (US), OJSC «SvetlogorskKhimvolokno» (Belarus), Formosa Plastics Corporation (US), Nippon Graphite Fiber Co., Ltd. (Japan), and Kureha Corporation (Japan) are top carbon fiber manufacturers that have been listed by MRFR for a better analytical understanding of the global market. This analysis would provide a better glimpse of how the market is expected to launch initiatives for the coming years and what changes are fast becoming trends, which companies can explore to grow and increase their market profitability.
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However, the high cost of carbon fiber can hold back global market growth. The price of carbon fiber also dwindles a lot, which can inspire better growth.
The global carbon fiber market, as discussed in the expert report MRFR, includes segments like raw material, form, type, and application for a proper understanding of the market flow. These segments have factorial details that command the market and can transform the market growth pattern for the coming years.
By raw material, the global report on the carbon fiber market can be segmented into pitch, PAN, and rayon. The PAN segment had the maximum market coverage in 2017 and it is growing with the fastest CAGR the would secure more grounds for it in the coming years.
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By form, the global report on the carbon fiber market can be segmented into composite and non-composite. The composite segment, with its percolation into the automobile and aerospace industries, can ensure better growth for the market. It had the largest market share in 2017.
By type, the report on the global carbon fiber market can be segmented into long, continuous, and short carbon fibers. The construction industry is inspiring better growth for the long carbon fibers.
By application, the market study on the global carbon fiber market can ben segmented into aerospace & defense, pressure vessels, automotive, sports equipment, wind turbines, construction, molding & compounding, and others. The burgeoning automotive segment can trigger growth for the same.
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The global carbon fiber market has been spanned across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
North America held the largest share of the global carbon fiber market in 2017. The use of carbon fibers has increased in the region in different applications such as aerospace & defense and sports equipment, due to the unique properties offered by it. The North American market is projected to witness remarkable growth during the forecast period.
Asia-Pacific was the fastest growing market in 2017, owing to the increasing demand in the construction and automotive industries. The growth is attributed to its high strength, lightweight, and tensile properties, which are required in automobile and construction applications. The regional market is expected to represent similar growth during the forecast period.
The European market is projected to grow at a faster pace, owing to the increasing application of carbon fiber in 3D printing materials, which is extensively used in the electronics industry. Additionally, the growth in the renewable energy sector is contributing to the growth of the regional market, which is now used in wind turbines. The region is predicted to show considerable growth during the forecast period.
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In November 2019, Markforged, one of the premium metal and carbon fiber 3D printers, announced that their new Turbo Print for the X7 3D printer can print faster than any other commercially-available machines without compromising the quality.
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